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19 European Countries Now Have Negative Interest Rates

Courtesy of ZeroHedge. View original post here.

The Jackson Hole monetary conference had no sooner ended than one more European country was added to the scroll of countries with negative 2 year sovereign yields

As Snake Hole Lounge details, the latest addition is the island of Cyprus whose Bank of Cyprus just posted a huge loss on bad debt provisions.

(Bloomberg) — Bank of Cyprus reported loss for the second quarter of EU556 million.

2Q total deposits EU16.58 billion

2Q Oper Profit EUR 130M

Projects 2018 EPS EUR 0.40

Sees 2018 Cet 1 >13.0%

Sees No Equity Divident for 2018

Sees Potential AT1 Issuance

CET1 Transitional Ratio at June 30 at 12.3%

I guess ECB’s Mario Draghi will keep the pedal to the metal!

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I wonder if Queen’s Freddie Mercury foresaw Cyprus’ banking fiasco?

Here is the ECB’s Mario Draghi telling Cyprus that they have potential for a healthy banking system and positive 2 year sovereign yields.

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